27 mar 24

EV registrations nearly double in China

China added 668,000 new EVs to the market this January, a 94% increase over the same month last year, and amounting to about 32% of all new car registrations. By the end of this year, that figure could surpass the 50% mark, writes Autovista.

However, the January sales figures should be read with some caution, the automotive data specialist warns, as they are skewed by a sales dip this time last year, which was caused by a Covid surge and the end of EV subsidies. 

Overall vehicle sales this January have recovered massively from that dip: they were up 44% year-on-year, to over two million units. 

  • Thus, while EV sales are up 94% in absolute numbers, they have declined as a share of the total, from 37% in January 2023 to just under 32% in the first month of this year.
  • Similarly, while deliveries of BEVs rose by 55% year-on-year, their share of the total has shrunk from 25% to just under 18%.  
  • The relative BEV share also declined: from 64% of all EVs last January to just 56% in the same month this year – a decline mirrored by a rise in the PHEV share.

Nevertheless, the only way for EVs in China is up. Electric vehicles are forecast to account for over 45% of all registrations for this whole year, and could even surpass the symbolic 50% mark in the last quarter. 

A quick look at the most popular EV models, brands and groups on the Chinese market last January.

Most popular electric models

  • The BYD Song (pictured), a mid-sized crossover (just over 52,000 deliveries);
  • followed by the Aito M7, a full-size SUV from a joint-venture brand by Seres and Huawei (just under 30,000 deliveries);
  • and the Tesla Model Y (just under 30,000 deliveries). 

Most models in Top 10

  • BYD dominates the rankings, with five models in the Top 10: Song (1), Qin (4), Seagull (5), Yuan (6) and Dolphin (7).
  • Apart from the Aito and Tesla, the others are the Changan Lumin (8), Wuling Hong Guang Mini EV (9) and Li Xian L7 (10).

Most deliveries

  • As suggested by its dominance of the Top 10, BYD delivered more EVs than anyone else: 28.5% of all registrations in January.
  • Geely (6.2%) was a distant second, closely followed by Tesla (6%), Wuling (5.9%) and Li Auto (4.7%).

Biggest groups

  • Looking at manufacturing groups rather than individual brands, BYD still came in first (31%)
  • It was followed by Geely-Volvo (9.6%), Changan (7.7%) and SAIC (6.2%), pushing Tesla (6%) into fifth place. 

Image: Shutterstock 2337812113

Authored by: Frank Jacobs